Inter-American Development Bank Annual Report 2009: The Year in Review

This is the first of two volumes that constitute the Annual Report of the Inter-American Development Bank 2009. The two-volume report contains a review of the Bank's operations in 2009 (loans, guarantees and grants) and, in a separate volume, Management's Discussion and Analysis: Ordinary Capital; the financial statements of the Bank; and general appendices. The Bank's record volumes of disbursements and approvals were made possible by an effort to tap the maximum amounts authorized under the New Lending Framework for 2009-2012. The composition of the portfolio of projects approved during 2009 continued the trend of preceding years, with roughly 15 percent by volume in the energy sector, 12.8 percent in water and sanitation, 10.9 percent in transportation, 9.4 percent in capital markets and 8.7 percent in reform and modernization of the state. The Bank's institutional strategy is based on the addressing two main structural constraints to poverty reduction: the lack of equality in opportunities, and the growth gap within the Region and with other regions.